Consumers now overwhelmingly believe that brands should have a clear, strong and relevant purpose. That’s why on January 15, IABC Chicago partnered with Zeno Group for an event focused on measuring the impact of purpose. Zeno Group’s Therese Caruso (Managing Director, Strategy + Insights) led the discussion, showcasing work from some of the world’s best known brands against the backdrop of Zeno Group’s recent global study on purpose.
In looking back at last week’s presentation, several key takeaways stand out:
- Purposeful brands are rewarded – Zeno’s research has uncovered that 79 percent of survey participants have taken action when they believe in an organization’s purpose. This inspired “action” can lead to tremendous business results – from attracting new customers that support the brand’s purpose to brand evangelization to new/existing customers spreading the word among family, friends and colleagues.
- Gen Z’s favorite brand? Themselves – Gen Z is increasingly using brands to define and elevate their own personal brand, operating under an assumption that the brands they purchase help shape and communicate their own personal identities. As a generation heavily focused on driving social and environmental progress, they rely on brands/corporations to make the world a better place and to enable them to do the same.
- Purpose provides strength in times of need – when brands show markers of strong purpose, consumers are more willing to forgive and forget a corporate slip-up if they believe the company is having a positive impact on the world. In fact, 90 percent of respondents in Zeno’s research noted they were more likely to continue supporting a brand after it makes a misstep if it has a strong purpose.
Writer: Ally Dunne, Zeno Group